Ohh goodness. You are annoying. And i see no suggestions from you.
You are only thinking and saying that we are idiots or stupid.
And you are smart man, bravo
Ponzi Scheme TadawulME / Exential Group:
- Thread starter samsam9000
- Start date
Guaranteed profits become guaranteed losses.
Ohh goodness. You are annoying. And i see no suggestions from you.
You are only thinking and saying that we are idiots or stupid.
And you are smart man, bravo
VoiceOfLogic
Private, 1st Class
- Messages
- 25
Actually you thought perhaps that I was joking or chose not to see it ( like you chose to ignore all the warnings that came with Tadawul) but here is it again.
My genuine advice ( truly ) was posted previously. It may not be what you want to hear but it's too late for changing things. Being in the situation you are, this is the best you can hope for. Looks crap ? Yep and that's what happens when people get scammed.
- accept that all your money is lost but that you may recover a small amount if lucky to win and there is money to pay you all ( which can't be as that is how a ponzi works. U have no money, get idiots to feed your scheme who in turn gets their returns from new idiots ).
- learn a lesson.
As for the comment on me believing I m smart, you are right I do. And I m pretty sure most people don't think they are dumb. Believing that you are the smartest is arrogance though and different.
My genuine advice ( truly ) was posted previously. It may not be what you want to hear but it's too late for changing things. Being in the situation you are, this is the best you can hope for. Looks crap ? Yep and that's what happens when people get scammed.
- accept that all your money is lost but that you may recover a small amount if lucky to win and there is money to pay you all ( which can't be as that is how a ponzi works. U have no money, get idiots to feed your scheme who in turn gets their returns from new idiots ).
- learn a lesson.
As for the comment on me believing I m smart, you are right I do. And I m pretty sure most people don't think they are dumb. Believing that you are the smartest is arrogance though and different.
Hi Delasoul,
Please PM me tomorrow for update,might not be able to file this week traveling on the 27th March for 3 weeks but when I get back I will surely file my case.
Hi Fandf39,
Calm down Man,He did try to warn all of us before and had we heeded to the warnings we would not be in this situation.Now is we learn from the situation and move one.Every choice has a consequence
Well We do not need his blame now. We can do it by ourself.
We are looking for the right decisions. No need this negative from him at all
Superhuman82
Recruit
- Messages
- 26
Exential is still alive and well, no money has been lost and in fact hundreds of accounts are being reactivated by clients as we speak and most are quite positive about the companies plans moving forward.To all the naysayers, special interests and internet trolls out there, I guess you are going to have to wait longer to say "I TOLD YOU SO"
chicken.or.beef
Private, 1st Class
- Messages
- 31
Article in the UAE National Newspaper yesterday:
Investors tell of worry as bogus Dubai ‘ponzi scheme’ payouts dry up
March 19, 2016
DUBAI // The net is tightening around rogue investment schemes in Dubai that have been milking hundreds of thousands of dirhams out of low-income workers who were duped with promises of big returns.
Investors who have pumped tens of thousands of US dollars into such “Ponzi" schemes claimed they were facing financial ruin and have reported matters to Dubai courts.
Financial advisers aired concerns in an article in The National in January following a growing demand for investments in foreign exchange funds they said were offering profits that were too good to be true.
That is proving to be the case, with investors claiming that they are owed thousands and that have not been paid since November.
Bogus traders lured investors with the promise of 110 per cent returns on foreign exchange markets, but are suspected of simply redistributing funds from new investors – a Ponzi scheme.
Jennifer, a 26-year-old Filipina who works for a cleaning company in Dubai, invested US$50,000 (Dh183,647) - almost 20 times her monthly wage.
With three of her friends, they invested $25,000 each with one investment group in Dubai in May last year, while she alone invested another $25,000 elsewhere. “For the first five months, they paid out after 15 working days and were never late," she said.
“After November, things slowed down and we stopped getting paid. We had a relationship manager who said a problem with international banking was causing delays.
“I invested my savings and, like my friends, I’ve taken a bank loan to invest this money."
Net profits each month would range from between $1,700 and $2,100 and were achieved by trading in foreign currencies, according to the relationship managers.
Investors could not view live trading information, but were given retrospective access to trading performance.
One investor said: “I started my investment with my broker in Media City in April last year. Money was good and trades and profits were conservative until December and January.
“They have a policy in our written agreement that states that when you initiate your withdrawal on the first of the month, you will receive the transfer after 15 working days.
“For two months in a row, they failed to fulfil this policy, and I have started to doubt their credibility. They said the delay would either be the holidays either here in UAE and where their bank is in Australia, or because of banking limitations."
Financial advisers said that the scams have been widespread for years in Dubai and that investors risked losing everything should the funding for the schemes collapse.
Those found breaking the law can be hit with a three-year jail term and fines of up to Dh30,000.
One company advertising services as a foreign currency trader does supply documents to interested investors and a Department of Economic Development licence is clearly displayed on its literature. This allows it to trade in investment in commercial enterprises and management, but the company has no licence to perform as a trader.
Other documents showed phone numbers that were either out of service or went unanswered.
The UAE bans anyone from opening companies without a licence, but rogue operators continue to break the law, according to Yousef Al Bahar, a lawyer from Al Bahar and Associates who said investors were targeted on social media.
“Customers have to ask about the company with authorities to double-check their licence and what activities they are authorised to carry out.
“Customers who are scammed must report these companies to police and submit evidence."
Dubai Police said that such complaints should be addressed to the anti-economic crimes department on 800 800243, or email: cdi.cideconcrimes@dubai.gov.ae.
Investors tell of worry as bogus Dubai ‘ponzi scheme’ payouts dry up
March 19, 2016
DUBAI // The net is tightening around rogue investment schemes in Dubai that have been milking hundreds of thousands of dirhams out of low-income workers who were duped with promises of big returns.
Investors who have pumped tens of thousands of US dollars into such “Ponzi" schemes claimed they were facing financial ruin and have reported matters to Dubai courts.
Financial advisers aired concerns in an article in The National in January following a growing demand for investments in foreign exchange funds they said were offering profits that were too good to be true.
That is proving to be the case, with investors claiming that they are owed thousands and that have not been paid since November.
Bogus traders lured investors with the promise of 110 per cent returns on foreign exchange markets, but are suspected of simply redistributing funds from new investors – a Ponzi scheme.
Jennifer, a 26-year-old Filipina who works for a cleaning company in Dubai, invested US$50,000 (Dh183,647) - almost 20 times her monthly wage.
With three of her friends, they invested $25,000 each with one investment group in Dubai in May last year, while she alone invested another $25,000 elsewhere. “For the first five months, they paid out after 15 working days and were never late," she said.
“After November, things slowed down and we stopped getting paid. We had a relationship manager who said a problem with international banking was causing delays.
“I invested my savings and, like my friends, I’ve taken a bank loan to invest this money."
Net profits each month would range from between $1,700 and $2,100 and were achieved by trading in foreign currencies, according to the relationship managers.
Investors could not view live trading information, but were given retrospective access to trading performance.
One investor said: “I started my investment with my broker in Media City in April last year. Money was good and trades and profits were conservative until December and January.
“They have a policy in our written agreement that states that when you initiate your withdrawal on the first of the month, you will receive the transfer after 15 working days.
“For two months in a row, they failed to fulfil this policy, and I have started to doubt their credibility. They said the delay would either be the holidays either here in UAE and where their bank is in Australia, or because of banking limitations."
Financial advisers said that the scams have been widespread for years in Dubai and that investors risked losing everything should the funding for the schemes collapse.
Those found breaking the law can be hit with a three-year jail term and fines of up to Dh30,000.
One company advertising services as a foreign currency trader does supply documents to interested investors and a Department of Economic Development licence is clearly displayed on its literature. This allows it to trade in investment in commercial enterprises and management, but the company has no licence to perform as a trader.
Other documents showed phone numbers that were either out of service or went unanswered.
The UAE bans anyone from opening companies without a licence, but rogue operators continue to break the law, according to Yousef Al Bahar, a lawyer from Al Bahar and Associates who said investors were targeted on social media.
“Customers have to ask about the company with authorities to double-check their licence and what activities they are authorised to carry out.
“Customers who are scammed must report these companies to police and submit evidence."
Dubai Police said that such complaints should be addressed to the anti-economic crimes department on 800 800243, or email: cdi.cideconcrimes@dubai.gov.ae.
You said it yourself. Its an admission that we will STILL have to wait. Its not a matter of IF. Its a matter of WHEN.
My agenda is that I Hope people will refrain from putting their money with EG until this issue is cleared. For those who are scared and is doubting EG's honesty, withdraw now and dont wait for 6 months. If EG is legit, you will still get your capital (yes you will lose profits). But if EG is not legit, you will lose everything. The earlier that EG is highlighted to the authorities, and subsequently clear (or not clear) their name, the better.
